FIT’s 2023 CFMM Graduates Survey the Global Beauty Landscape

The Fashion Institute of Technology’s (FIT) recently held its annual Capstone Research 2023 on June 22nd, presented by graduates of the Cosmetics and Fragrance Marketing and Management (CFMM) Master’s degree program.

The presentation focused on "Beauty in A Shifting Global Landscape"—shining a light on ways to create human-centered leadership; future-proof the beauty industry with talent; and adapt to the evolving needs of a new generation of consumers and employees.

One student team presented "The Future of the Global Consumer." Team leaders Nina Zimmering, brand management, Coty, Inc.; and Maria Vialette, international business development, The Estée Lauder Companies, are shown in the top photo above.

Another team presented, "The Future of Global Talent." Team leaders Juan Benedetty, marketing manager, L’Oréal; Emma Gothner, marketing, L’Oréal USA; and Lora Blass Freed, global education, bareMinerals are shown in the bottom photo above.

Read on for an in-depth report of the presentations.   

Former Graduates Earn Praise

Graduates of FIT's CFMM Master’s degree program are often already successful in various roles at well-known brands and organizations—and often move on to innovate and further advance the beauty industry. 

The program began with a welcome from Dr. Joyce F. Brown, president of the Fashion Institute of Technology. On the stage to introduce Dr. Brown was Corey Moran, CFMM class of ’15—and now Head of Industry, Fashion, and Luxury at Google.

Dr. Brown noted that graduates of the program are professionals already working in the industry, and highlighted the research they have done as it helps to shape the future of the industry. “This year the graduates showcase the issues they are facing as they move into their work,” she said.
    
Dr. Brown congratulated Stephan Kanlian, Chair and Professor, CFMM for the work he and the graduates completed in their field study and quantitative and qualitative analysis of markets in India and The United Arab Emirates. She thanked supporters, including The Fragrance Foundation, Firmenich, and Shiseido for their support, noting their achievements and contribution to diversifying the student body.
    
Exploring the relevance of research conducted by graduates of the class of 2013, Professor Kanlian welcomed Emily Coleman, class of ’13—now the CEO of Chantecaille Beauté. Her research a decade ago focused on marketing, commerce, and big data.

Coleman said, “The research remains super relevant to the work we see and do today,” supporting her observation by noting the growth of connective devices, the ability to purchase on a variety of channels, the use of sensors and devices to help understand consumer behavior, and more. “It’s exciting to see how this research has come to life,” she said.
    
Professor Kanlian acknowledged the stellar achievements of the former graduates, the roles they currently hold, and their contribution to a “Beauty Think Tank that continues to fuel creativity in the industry.”

Exploring 'The Future of the Global Consumer'

"The Future of the Global Consumer" is the topic explored by group leaders, Maria Vialette, International Business Development, The Estée Lauder Companies, and Nina Zimmering, Brand Management, Coty, Inc., along with their team.

The team examined how the global economy would shift and impact brands and companies, due to such factors as the rise of youth culture, particularly in the Middle East, and developing markets in India and the United Arab Emirates.

The discussion focused on the diverse populations of global consumers and how to grow the consumer base in developing, as well as developed markets.

In Part One of their two-part study, students shared research that encompassed seven cities, over the course of six months, included 1,000 respondents, and interviews with leaders in beauty, banking, education, technology, and health.

They studied the behavior of consumers from North America to India, and developed recommendations to inform the ways brands evolve their strategies to expand the growth of consumer segments.

As the beauty landscape becomes more competitive, the students offered insights and analysis to identify opportunities and to engage with the global consumer over the next decade.

India as a New Global Power

India was identified as a new global world power, with significant opportunity for investment, with a large younger generation and strong economic prospects for increased spending on discretionary goods.

The team cited the growth of the Silver Spenders (those over 65 with concentrated spending power), and the big leaps made by AI since 2022. Citing India as an emerging player, the students analyzed the importance of beauty rooted in traditional culture, supply chain growth, and Indian brand ambassadors.

They said, “India is a new epic player, due to its economy, infrastructure, and culture,” citing 6.1% growth anticipated by 2027; 65% of people over 65 with increased disposable income; and an $88 billion yoga industry.

The EPIC Framework

The team offered a framework, called EPIC, to evaluate the country and related cultural and socio-economic factors that make it a strategic investment.

     E – Economic opportunities as India’s GDP growth last year was 7%, and projected to be the third largest economy by 2030.

     P – Population growth is a driving factor, as India surpassed China as the most populous country in the world with 1.42 billion people.

      I – Infrastructure, physical and digital, as India’s investment in transportation and smart cities is significant, as is the rise of digital infrastructure, with 90% of the population having internet access by 2030.

     C – Cultural growth pillars, including yoga, Ayurveda, Bollywood, weddings, and India’s traditional culture of beauty, represent continuing opportunity.

The 'Silver Spender' and The Growing Aging Population

The graduates highlighted the growth of wellness and beauty, noting that the Indian beauty market valued at $14 billion clearly merits attention; as does the 60+ age group, which, by 2030 will encompass approximately 50% of the world’s population.

They created a LAB approach model to enable brands to address areas of potential growth:

• L=Listen
• A=Adapt
• B=Broaden

“Brands must engage with silver spenders,” they said, noting the strength of the self-care market, as well as the divide between how silver spenders are portrayed and how they are really living their lives.

Unfortunately, noted presenters, silver spenders are too often portrayed in medical or clinical scenarios that do not reflect their active lives. “We are in the midst of a silver tsunami and brands should be targeting this demographic with the authentic representation they crave,” said presenters.
    
In addition to silver spenders being the fastest growing consumer segment worldwide, they also hold 50% of the global net worth. They urged brands to expand consumer focus and budget to target this demographic and recognize their diversity and range of experience.

They noted the importance of targeting communication directly to the silver spender in media and advertising, and they advised the importance of capturing cultural movements to increase audience penetration and remain relevant to this demographic, as well as all consumers.

Marketing in an AI Landscape

Graduates cited the growth of AI, designed to mimic human thinking, and already in use daily, as key for future brand success.

Algorithm-driven platforms, like Spotify, with its music recommendations based on user personalization, and Netflix, among others, are changing consumer-brand interaction.

Recommender System Optimization (RSO) will allow brands to align with an algorithm to implement a recommender system and capture consumer interest.
     
“Beauty commerce will grow with unique recommendations based on cultural currency to determine cosmetic preferences,” noted presenters. They cited the excitement around Clinique’s Black Honey lipstick, when it was worn by Kate Middleton as an example of Recommended System Optimization.

The team noted the potential results of utilizing their 3M Model, to fuel growth:

•    The first M= Moments (fleeting moments of import that drive high engagement)
•    The second M= Milestones (unique occasions to align with a brand’s DNA)
•    The third M= Marketing budgets to support RSO strategy and respond to movements that mark a deep connection between a brand and a theme or experience

“Quantify your cultural currency to fuel strategy,” students advised, as they identified the Indian market, silver spenders, and reallocating budget for AI, as critical for brands.

Presenting 'The Future of Global Talent'

"The Future of Global Talent" was addressed by group leaders Juan Benedetty, marketing manager, L’Oréal; Lora Blass Freed, global education, bareMinerals; and Emma Gothner, marketing, L’Oréal USA, and their team.

The presentation focused on the need for development of leadership talent for the beauty sector, including understanding the roles of stakeholders, key partners (including trade organizations, academia, and trend and research forums), as they face industry challenges.

Noting that nine out of ten individuals are willing to change their jobs in order to have meaningful work, the presenters said, “We’ve moved from great resignation to great reflection.” They acknowledged that for the beauty industry it is critical to develop talent and support improved talent fit.
    
They presented an overview of the beauty industry in regard to attracting, retaining and growing talent.

The team provided three key opportunities to support the evolution of the beauty industry and remain competitive for the next decade:

• The 'Career Cosmo'
• CARES
• The Beauty Talent Alliance

The 'Career Cosmo'

The first, the Career Cosmo, is a talent management platform designed to evaluate talent holistically. This assessment would provide transparency between the employee and the employer, consider aspirations, values, skills and opportunities, personality and style, as well as experience.

The CARES Cohort

CARES, the second cohort offered by the students, entailed a re-branding of human resources management, based on the pillars that employees agree make the most impact.

This cohort recommends the formation of in-house CARES teams, to coach, explore and provide services by focusing on the following:

• C – Coaching: Empowering employees to navigate their careers and grow within their roles


• A – Acquisition: Recruiting and attracting talent and future employees for all functions and business units


• R – Rotation: Strategically organizing employee mobility, experience, and succession planning to prioritize employee development


• E – Exploration: Creating personalized learning plans that align employee aspirations with future development opportunities


• S – Services: Housing essential human resource functions, internal and outsourced, such as payroll, compensation, and company policies.

The Global Beauty Talent Alliance

Knowing the beauty industry will face a talent shortage, students encouraged the industry to explore a body of bi-partisan initiatives in their third opportunity, The Global Beauty Talent Alliance.

The graduates noted well-established industry collectives, including Cosmetic Executive Women (CEW) and the Personal Care Products Council (PCPC), while urging the establishment of a global beauty talent collective to grow the pool of incoming and prospective employees, retain them, and create a strong foundation for the future of the industry.
    
They posited that the Beauty Talent Alliance (BTA) would include representatives from every beauty industry player, and serve as a forum for identifying and shaping the evolution of talent and organizational structures by anticipating future trends and the roles and initiatives that will be created to solve them.

They envisioned this body as a source to help manage the beauty industry and level the playing field between international corporations and start-ups, while also allowing for collaborative talent attraction and growth within the beauty industry. The BTA, as they described it, would offer a constant flow of fresh perspectives and talent development, essentially creating “a talent first ethos.”

WSJ's Ellen Byron Moderates a Panel Discussion    

Following the presentation of the research findings, Ellen Byron, The Wall Street Journal, moderated a panel discussion.

Topics included the growth of Gen Alpha, the technologically savvy cohort between the ages of 6 and 16, who already have familiarity with brands and advertising; technology’s extensive reach; the importance of the human connection in assessing skill sets, including the “softer skills” beyond one’s resumé, i.e., agility, nimbleness, empathy and leading with compassion.

In a final takeaway, the panel shared an apt goal for recruiting, “Employees are purpose-driven and value-driven, get to know what drives and motivates the people you work with.”

Recognizing Award Winners

At the close of the presentation, Dr. Brooke Carlson, Interim Dean, School of Graduate Studies, FIT, addressed the graduates and alumni, saying, “We’re counting on you to create expert and inclusive leadership,” urging students to “pay it forward with respect to making measurable change and progress.”
    
Following the research findings and panel discussion, these students received the following awards:

• Scholarship Recognition: Lora Blass Freed, Alessandra Piazza, and Kathleen Subijano
• Outstanding Scholar: Kailey Komosinski and Nina Zimmering
• Shiseido Innovation Award: Shivani Banerji, Marissa Casazza, Lena Rubiano, and Mary Torelli
• Coty Award for Professional Excellence: Stephanie Kramer
• Estée Lauder Companies Faculty Leadership Award: Brianna Picciuto
• L’Oréal Student Leadership Award: Alessandra Piazza
• Department Medal: Sabina Wagner

Congratulations to all the FIT CFMM graduates, class of 2023!